Altium jumps most in 14-1/2 months on strong annual results

Altium

23/08/2022 01:45

(Updates)
    ** Shares of Australia's Altium  ALU.AX  surge as much as
19.1% to A$35.66, their biggest intraday pct gain since June 7,
2021 
    ** After market close on Monday, the software maker said its
FY profit after tax rose 57.3% to $55.5 mln; ALU also posted
jump in revenue and declared final dividend of 26 Australian
cents per share  urn:newsml:reuters.com:*:nASX4fbL3d
    ** ALU tops gains on the benchmark index  .AXJO 
    ** Jefferies says ALU surprised with FY22 earnings, beat
helped by positive operating leverage and surge in search engine
'Octopart' revenue
    ** Adds main surprise in FY22 results was the 10% jump in
subscription average revenue per user (ARPU) to A$2,170 
($1,492.53)/year
    ** "Octopart has become the default search engine for the
electronic industry and will continue to grow given ongoing chip
shortages albeit at lower rates," - Jefferies 
    ** Brokerage upgrades EBITDA forecasts for FY23 and FY24 by
4% and 3%, respectively 
    ** Stock hits its highest level since April 5
    ** Stock down 33.8% this year, as of last close

    
($1 = 1.4539 Australian dollars)

 (Reporting by Roushni Nair and Harish Sridharan in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))